Bitcoin was the first virtual currency that was introduced to society, it has the biggest market cap among other cryptocurrencies while having many skeptics at the same time. Lately, the trend was visible that the young generation, in comparison to the older generation and professional investors, prefers to invest in other digital currencies, than in bitcoin, which they call to be the “dinosaur of crypto”.
The dogecoin millionaire Glauber Contessoto, 33 told in the interview that they get quite a satisfaction while seeing bitcoin people teased and the creation of dogecoin was just a joke. He did not like the fact that bitcoin people are very serious all the time and they lack the excitement and risk-taking, they prefer to wait for even years, while young people like a more high speed and risky environment.
The role of social media is very crucial when we talk about the popularization of the coin or vice versa. The main platforms, in this case, are Twitter and Reddit where Gen Z and millennial investors often comment on bitcoin saying that it is a boomer coin, especially after the major crash that occurred in the crypto-market. Many young generation representatives who are interested in the crypto-market prefer to buy not bitcoin but other currencies that are known as altcoins or stable coins. They are relatively new coins on the market and they believe to have relatively bigger chances to reach the maximum, than in the case of already well-experienced coins.
The comments that are made on social media, surprisingly or not, play a very important role in changing the demand. For example, one tweet that said that users could not understand why people still hold the BoomerCoins, meaning bitcoin, made people think that this person might be folding the information that they do not and become skeptical about bitcoin, at least during that day. This is how and why the demand on the market is so volatile and impossible to predict.
However, some investors who are not that skeptical about holding BTC make it clear that it has its own advantages and it is normal to hold it along with the other digital coins. The Reddit user wrote the explanation, why he holds BTC, the boomer coin.
Bitcoin was created in 2009 and its supporters see the coin as a store of value since this virtual currency has the biggest market cap and they believe that it will be appreciated over time. Bitcoin opened a new world of opportunities for new altcoins such as dogecoin and many others to settle on the market, and what is surprising is that dogecoin was initially created as a joke. While some people make the argument that investing in crypto, generally, is associated with risks, experienced investors say that in this case, altcoin investments are extremely speculative. This is why they always suggest investing the amount of money you will not regret in case of losing it.
The new altcoins still became very popular since the young generation appeared to be the ones who are willing to take risks more easily than the professional investors do. The young generation during the trading period is the combination of eagerness to discover the next big thing with their risk tolerance and unparalleled access to trading apps, thus they are not bound by traditional investors’ conventional knowledge. This was the generation who couldn’t take advantage of bitcoin at that time when it was minimal in the price and now they are trying to catch the moment for the next big thing that is expected to come.
Even though the bitcoin’s price was quite volatile and majorly crashed in the second half of May, it is still possible to buy fractional shares. On the other hand, Dogecoin surged in recent months and priced at about 42 cents at the time of writing this article. Creators of the dogecoin did not intend the coin to gain so much popularity since it was created in 2013 as a joke, base on the Doge meme, portraying Shiba Inu dog. Today, it is among the top 10 cryptocurrencies with a market value of over $53 billion. The main reason for its popularity is that due to the fact that it was created on the meme, it is the language of millennials and Gen Z as well and they can understand the concept of the coin very well. The combination of the world of memes and the future is believed to be cryptocurrencies, making the situation quite profitable for those who invest in it.
There were many other coins that were created because of the social media bus, for example, safe moon and Shiba Inu, and some of them are connected to the Ponzi scheme and a scam. The coins such as ethereum, Binance coin, Cardano are having strong communities built around them.
The reason for Gen Z calling bitcoin a boomer coin is to support their choice, in this case, altcoins. It is creating a whole new world for those, who are just becoming involved in the financial market and especially, in the crypto-industry.
